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Associated British Foods To Revise Remuneration Of Executive Directors

Associated British Foods plc (ASBFY.PK,ABF.L) said George Weston, Chief Executive, and John Bason, Finance Director, have requested that their base pay be reduced temporarily by 50%. Paul Marchant, chief executive of Primark, has also requested that his base pay be reduced temporarily by 50%. Bonuses for the current fiscal year will not be paid to the executive directors, the Group stated.

The board of Associated British Foods has accepted the proposals. The board believes these steps are appropriate given its expectation that full year earnings will now be much lower than projected at the start of the fiscal year.

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